NECO Economics Exam Past Questions and Answers

Economics is the study of how societies allocate limited resources to meet the unlimited needs and wants of individuals. It focuses on the production of goods and services, economic growth, and various complex issues that are important to society.

• Question 391:

  The formular used by the Expenditure approach to calculate National income is

  Options:
  A) Y = C + I + X - M - G
  B) Y = C + X - M - I + G
  C) Y = C + I + G + X - M
  D) Y = C - I + X - M + G
  E) Y = C + G - X + M - I
  Show Answer
  The correct answer is C.
• Question 392: The demand for labour in an economy is a depiction of Options:
  A) competitive demand
  B) Composite demand
  C) Complementary demand
  D) Deductive demand
  E) derived demand
  Show Answer
  The correct answer is E.
• Question 393: In production, total cost comprises of Options:
  A) averages cost and marginal cost
  B) variable cost and averages cost
  C) variable cost and fixed cost
  D) marginal cost and variable cost
  E) fixed cost and averages cost
  Show Answer
  The correct answer is C.
• Question 394: The 1962-1968 development plan in nigerian failed because of Options:
  A) absence of indigenous bank
  B) higher exchange rate
  C) non availability of finance house
  D) movement of colonial masters
  E) over dependency on foreign capital
  Show Answer
  The correct answer is E.
• Question 395: The main function of retailer in the distribution channel is Options:
  A) advertising the product on behalf of manufacturers
  B) bulk breaking
  C) branding and packaging of good
  D) direct customer services
  E) storage facilities for finished products
  Show Answer
  The correct answer is D.
• Question 396: In a two-sector economy, income is a function of Options:
  A) consumption + investment
  B) consumption + investment + tax
  C) consumption + investment + expenditure
  D) consumption + exports + imports
  E) saving + investment
  Show Answer
  The correct answer is A.
• Question 397: Which of these is a necessary condition for trade by barter? Options:
  A) double coincidence of wants
  B) double exchange rate
  C) durability of goods
  D) divisibility of commodities
  E) homogeneity of goods
  Show Answer
  The correct answer is A.
• Question 398: The following are reward for factors of production EXCEPT Options:
  A) interests
  B) profit
  C) Rent and commissions
  D) rates and deposits
  E) wage and salaries
  Show Answer
  The correct answer is D.
• Question 399: Disposable income in national income accounting is an income which Options:
  A) cannot be used again
  B) is available for consumption and saving
  C) is a available to disabled people
  D) must be wasted once and for all
  E) pensioners receive from the treasury board
  Show Answer
  The correct answer is B.
• Question 400: One of the function of united nation conference on trade and development (UNTAD) is to Options:
  A) carry out feasibility study for projects in less developed countries
  B) increase impact of developed countries over less developed countries
  C) increase share of less developed countries in world trade
  D) make goods available in developed countries
  E) transfer technology from developed to less developed countries
  Show Answer
  The correct answer is C.